Roofing Liability Insurance Cost
Now that you understand some of the ins and outs of how roofing insurance works, youre probably wondering how much it will set you back. A good general liability insurance policy for roofing businesses will cost you some money, on average, a $1 million general liability coverage for roofers costs about $292 per month or $3,504 per year. Keep in mind that you can always factor your roofing liability insurance cost into the price you charge clients for working. By doing this, the policy practically pays for itself.
Heres a quick table outlining the monthly and annual premiums you can expect to pay as the owner of a roofing company. Keep in mind that these are just estimates. The actual amount youll pay may be more , depending on the factors that we just discussed above.
Shorten Your Lead Follow
Sometimes, getting ahead of your competitors is just a matter of getting there first. After a weather event, homeowners often reach out to several contractors to get a better understanding of who can help fix their roof damage, and many different insurance restoration companies may be canvassing in the same area. Responding to inquiries in a timely manner and following up right away with homeowners you spoke to while canvassing will position you as the clear choice for repairing storm damage.
Having tools to keep your leads organized will help you follow up with them more quickly. A roofing software system like AccuLynx gives you a single place to store your information, so its easy to assign, sort and access all your leads. On your personalized AccuLynx dashboard, youll be able to see the number of leads in your pipeline at a glance. Each lead will have its own electronic file with all the associated information, so everyone on your team can find what they need without the hassle.
Finding A Contractor With Insurance Experience
When looking for a contractor who can handle insurance claims on roofing jobs, it is important to find someone with experience working in the field.
If they do not specialize exclusively in roofing jobs, then you should be wary of this company.
If they are unable to provide any references or testimonials from previous customers who have done insurance-related work with them, it is probably best to look elsewhere for your contractor since there could be other issues involved.
There are many benefits that come along with hiring a contractor that specializes in working with insurance claims.
They will have the experience, knowledge, and skills needed to make sure that you get exactly what you need from your roofing job.
This means that they are much more likely to provide a warranty for their work as well since this is something requested by most insurance companies.
Hiring a contractor who works exclusively doing roofing repairs can be very beneficial to you.
When your roof needs replacing because of damage or age, they will have the experience needed to work with insurance companies and submit claims for your property so that it is repaired as quickly as possible.
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Does Roofing Insurance Cover My Employees
Unfortunately, no. Roofers insurance only covers third parties, like your client or visitors to the worksite. Workers Compensation insurance is whats responsible for covering your employees. However, this should be no deterrent from purchasing roofers insurance, as it can protect your company from serious lawsuits, and in many cases, it is the law to have it. Learn more with our Guide To Workers Compensation Insurance For Roofers.
Why Choose Contractors Liability Over Other Insurance Companies
There are many insurance agencies out there, and you might be tempted to go with the one you see consistently advertised on the television or even one that is closer to home. However, Contractors Liability is certain that if you want the best policy, you need to work with specialized agents like ours. Along with our customer satisfaction guarantee, we:
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Important Insurance For Roofers To Consider
Roofing contractor insurance comes in many forms. The specific coverage you will need depends on the nature of your business, whether you hire staff or subcontractors, and whether you work year-round. In colder climates, some roofers only work 8 or 9 months out of the year, and may devote the coldest months to snow removal or other side jobs.
Your business is unique, and the combination of coverage that makes up your roofing contractor insurance portfolio should be tailored to you.
Here’s a quick overview of several different types of business insurance coverage you may want to consider.
What Is Roofing Contractors General Liability Insurance
This policy covers the financial costs caused by damage your operations cause to a client and/or any passers-by. Roofers understand the danger of the job and usually will do anything within their power to protect those on the ground below from falling equipment or debris.
But accidents happen, and that is part of the reason why roofers insurance exists. But no matter how careful you are, accidents still happen. You and your business need to be protected.
The most common hazards roofers face include falls from height, burns, and electrocutions. It is critical that all roofers are well trained. Further, they should be actively attempting to prevent the risk of accidents at all times.
That is why we make it easy for you to get the affordable roofers insurance you need for your business. We can even get you insurance the same day you contact us.
Get a Roofing Insurance Quote Fast
Only 5 minutes of your valuable time. We can often get same day coverage.
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Mistake #: Overpromising And Under
If youre serious about getting more insurance restoration jobs, it makes sense to try to impress agents and adjusters. But never overpromising. That sets you up to under-deliver.
This is especially true when it comes to writing estimates.
If you provide a low estimate just to secure the job, thats a huge red flag. Not only will you likely lose that job, but also future jobs from that insurance company.
Agents and adjusters want accurate estimates. An accurate estimate paired with excellent customer service will leave a far better impression. Thats just as true for customers as it is for insurance agents and adjusters.
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Target Your Online Marketing To Include Commercial Connections
While Facebook can be highly effective for generating residential roofing leads, consider other avenues to connect with commercial contractors, property managers, and other decision makers.
For example, LinkedIn can be effective for building that network. Start by updating the companys page and your personal profilemake sure both highlight how youre different from the competition. Also join a few of the site’s industry or regional business groups they’re an ideal place to ask or answer questions, so you can start building relationships with potential partners and clients.
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S For Filing & Getting Approval For Roof Repairs
1. A storm hits your area causing high winds, wind-driven rain, and hail large enough to damage roof shingles and metal roofing, too. Concerned about damage to your roof, you contact a roofing contractor and schedule a free roof inspection. You and your contractor find significant damage to your roof’s shingles and/or metal roofing panels. He/she provides you an estimate for a full roof replacement, because it isn’t efficient to just replace the damaged shingles.
2. You contact your insurance company and begin the roof damage insurance claims process. The paperwork can be complicated, but you carefully report all damage and answer all questions appropriately.
3. Your insurance company sends out their adjuster to inspect your roof and appraise the damage. She agrees that the damage is extensive in several different areas. Furthermore, she agrees with your roofer’s assessment that repairing or replacing only the damaged shingles wouldn’t be effective. She therefore approves payment for a full roof replacement, including underlayment and flashing, etc.
It is rarely the case that roof damage insurance claims go this smoothly. More often than not, your insurance company’s adjuster will do his/her best to approve the cheapest, most bare-minimum roof repairs. In addition to that, there are some types of roof damages that ae not covered by homeowners insurance at all. See below for some reasons claims get denied.
How Is Roofing Liability Insurance Different From General Liability Insurance
General liability insurance covers damages caused by workers while working on customers property, and theft or vandalism of tools and materials. It also protects you from the legal costs to defend against libel or slander. It does not cover damages caused by errors in installation, defective materials, or advice or recommendations, like professional liability insurance does.
For example, general liability insurance covers damages incurred when one of your workers drops a sheet of plywood and it damages the homeowners fence. Professional liability covers damages caused by not properly nailing down shingles. For full coverage, roofers should invest in roofing liability insurance, as well as general liability. Then, no matter the cause of the damages, you know youre covered.
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Roofing Claims For Acv Vs Rcv Insurance Policies
There are differences in the insurance payout depending on whether you have an ACV or RCV insurance policy. For ACV, you will only get the Actual Cash Value of your roof – which is considerably less. If you have an RCV insurance policy, you will receive a check for the value of your roof less the depreciation. Then, after you get your roof replaced, you will receive a check for the recovered value of the roof. Keep in mind that this will mean hiring a contractor that is comfortable handling insurance claims. Most are.
If You Do Have A Valid Insurance Claim For Roof Damage You Still Must Pay Your Deductible
Lets say that your roof HAS suffered damage in a storm and filing an insurance claim IS legitimate. That does not mean you should trust a roofing company that offers to work with you on the deductible or even goes so far as to promise your roof will be free.
Its this simple: the deductible you pay is your legal obligation under your homeowners insurance policy and failing to pay it is fraud.
In fact, a recent state law has been passed to address this issue specifically .
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Optimize Your Roofing Website For Search Engines To Get Quality Roofing Leads Online
You need to ensure that your roofing website is secure for search engines like Bing or Google to understand. It should be engaging, creative, and optimized to draw prospects in thus making it one of the best ways of getting free roofing leads online. Here are some factors that you need to consider when optimizing your roofing website:
- Make sure that your roofing website loads in less than three seconds
- Add authoritative content to your roofing website
- Optimize your web pages using popular keywords related to your business
- Add your site to Google My Business Listing.
How To Find Subcontracting Work: Your Ultimate Business Tips
Subcontractors are very important in the construction industry. General contractors often subcontract parts of their work to specialist construction sub-contractors. These subcontractors have the skills needed for each area of the job. Subcontractors include carpenters, electricians, construction workers, and more. Of course, the question of how to find subcontracting opportunities can be a challenging one, but we’re here to offer some advice.
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Research Your Desired Employers
Since there are several types of insurance, such as health, car and life insurance, the different companies offering each kind likely have their own requirements, expected education level and desired amount of experience. Consider researching the companies where you’d most like to work so you can seek the necessary qualifications. Researching each company also helps you understand industry trends and terminology, which can help you prepare for future interviews.
Help Homeowners Navigate The Insurance Process
As an insurance restoration roofing contractor, youre an expert in the insurance claims process. But most of the homeowners youll work with will be submitting a claim for the first time. They likely have many questions about the process and may even be struggling to file the claim. By acting as a resource for the homeowners you speak to, youll gain their trustand make it more likely theyre willing to work with you.
When you speak to a homeowner who youre trying to turn into a customer, dont just focus on pitching your company or selling a particular solution to their roofing damage. Try one of these tactics to position yourself as a trusted guide through the insurance claims process:
- Ask them if they have any questions about how the process works
- Give them a step-by-step walkthrough of what happens when they submit a claim
- Create a leave-behind document to help them keep track of what they need to file a claim
- Sit with them as they file the claimor offer to file it yourself
Offering these services to homeowners can go a long way to convincing them to work with you. It will also help you establish a reputation as an expert in insurance restoration contracting.
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Determine The Roof Pitch
The roof pitch, or how steep it is, is expressed as a ratio.
A ratio of 4:13, for instance, means the roof rises 4 feet for every 13 feet of horizontal length. The roof pitch can either be low, medium, or high.
A low roof pitch has a ratio of 5:12 or lower, a medium roof pitches 6:12 to 9:12, and a high roof pitches 10:12 to 12:12.
For our example, lets assume the roof pitch is 5:12.
Keep Up The Good Work
Once youve managed to become an approved contractor, youll want to maintain that status. This is why youll want to keep the insurance company happy. Be sure to approach each project from a professional stand point. Make sure that you keep your driving record clean! Finally, be sure to give the contractor insurance company a detailed invoice at the end of each and every month.
Other frequently asked questions before buying insurance:.
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Calculate The Number Of Ground
Take the external dimensions of the house and divide it by 100.
For example, if youre working on a house that is 30 ft. x 60 ft., then the entire area is 1800 square feet . Divide that number by 100 to arrive at 18 ground-level squares.
This is just the flat area. Most homes are pitched, and youll have to account for that in the next step.
How To Become A Subcontractor
To become a subcontractor, youll need:
- A high school diploma
- A vocational or degree course in your subcontracting specialty
- Experience working as a subcontractor, ideally
- In most states, youll need to pass an exam to get a license to work as a subcontractor
- Professional certification in your field. For example, certification as a Certified Professional Constructor or a master carpenter gives you an edge when looking for work
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What To Include In Your Roofing Bid
When compiling your bid, include the following crucial elements:
- A breakdown of your services, materials, and costs
- Your contact information so clients can contact you if they have questions
- Your clients name and contact information
- Your business name and logo
- Quote expiration date
- Deposit required before starting the roofing job
Common Situations That General Liability Insurance May Cover For A Roofing Company
Example 1: While removing shingles and other existing roofing materials from a home or business in order to install a new roof, one of your roofers accidentally drops a piece of roofing material on a passerby, injuring them. Your general liability insurance may pay the expenses related to the injury claim. If the injury results in a lawsuit, your general liability insurance may help cover court costs and settlement fees or judgments related to the lawsuit.
Example 2: Your roofers failed to adequately lay down tarps in order to catch all the roofing materials, like shingles and nails. As a result, a visitor or occupant of the building stepped on a nail, resulting in a puncture wound that needed medical attention. General liability insurance may help pay for the treatment of the injury as well as any costs associated with a lawsuit.
Example 3: In order to get a closer look at the new roof, the buildings owner climbs a ladder and subsequently falls, resulting in many cuts and scrapes and possibly a broken bone. Your roofing companys general liability insurance may pay the expenses related to treating the injury. If the injury results in a lawsuit being filed by the owner, insurance may pay all the court-related costs, lawyer fees, and any settlement amounts or judgments that arise.
Learn more about the risks covered by general liability insurance.
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